Nigeria steps up bank graft trials
Two former directors of Bank PHB in Nigeria are the latest executives to face criminal charges after a $4 billion central bank bailout stopped nine financial institutions from going to the wall. Nigerian anti-corruption police accused the two of mismanaging depositor funds and granting credit without collateral in a 26-count charge. Both pleaded not guilty. The banking regulator has charged numerous other senior bankers following a preliminary audit of lenders which found lax governance posed a systemic risk. The charges range from recklessly granting loans to share price manipulation. Read more: Reuters
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